Understanding Different Types of Business Plans
"Explore the various types of business plans including strategic, tactical, operational, and contingency plans. Learn how effective planning is crucial for business success and productivity."
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Libyan International Medical University Faculty of Business Administration The Different Types of Plans Saleh ahmed alwojly Salih_3224@limu.edu.ly 3224
Objectives Learn about the different types of plans The function of each kind of different plans 1
Outline Types of planning Operational plans Strategic plans Tactical plans Contingency plans 2
Types of planning There are four types of planning .Each type of plan commits employees within different departments and their resources to specific action . While there are many different types, the four major types of plans include strategic ,tactical , operational ,and contingency 3
Operational plans Operational planning can be ongoing or single-use .Its often created for a specific event that only happens once , such as a unique marketing campaign 4
Strategic plans Strategic planning is the foundation of an organization . Essentially , strategic plans dictate the important decisions made within a business. Strategic plans can have scopes that range from three years to ten years 5
Tactical plans Tactical planning is supportive of the strategic plan. It involves the tactics that will be used to execute the strategic plan . This type of planning is very focused and short term 6
Contingency plans Contingency planning is important for any business because there is always the possibility of unforeseen changes .A contingency plan is created for when the unexpected occurs or a major change needs to be made in order to continue towards the goal 7
In summary Effective planning is the foundation of any successful business. Planning revolves around organization priorities and resources and it relates to productivity. 8
The reference https://www.tutorialspoint.com/manage ment_principles/management_principles _types_plans.htm Management principles-Types of plans {April 5,2019} 10
